It later expanded services into other types of insurance, such as homeowners and life insurance, and then to banking and financial services.Īs of December 2017, State Farm had 70,000 employees and 19,000 agents. The firm specialized in auto insurance for farmers and offered better rates than rival companies, which must also cover expensive premiums of the urban motorists. Mecherle as a mutual automobile insurance company owned by its policyholders.
State Farm was founded in June 1922 by retired farmer George J. State Farm Insurance "Fire Building" in downtown Bloomington, Illinois. This event created the first marketing partnership between insurance companies and banks. Kent received royalties on the program for 20 years. State Farm liked the idea so much that it was rolled out to all the agents. Kent was friends with a local bank president at LaSalle NW, and the two teamed up to pilot the auto finance program. Kent, a State Farm agent in Chicago, came up with the idea of providing auto loans to existing policyholders. In the 1950s, State Farm held a contest among the agents, to come up with ideas to expand the State Farm business. Home mortgages are available countrywide over the phone or through agents. Its regular banking services, which include checking and savings accounts, certificates of deposit, and money market accounts, are available to consumers countrywide via the Internet or over the phone, and through agents. State Farm Bank does not have branch offices. These are separate from its insurance products. The bank opened in May 1999 and is operated by State Farm Financial Services, FSB, a subsidiary of State Farm Mutual Automobile Insurance Co. State Farm has expanded into the financial services arena, such as banking and mutual funds.
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